Private Management Group Inc. Sells 16,918,116 Shares of Alight, Inc. $ALIT

Key Points

• Private Management Group cut its Alight stake by 94.7%, selling 16.9 million shares in the third quarter; it retained 941,117 shares, valued at about $8.4 million.
• Analyst views are mixed: one rates Alight Buy, three Hold and two Sell, giving the stock a consensus “Reduce” rating. Recent price-target changes included cuts from Citigroup and DA Davidson.
• Alight reported quarterly EPS of $0.66, above the $0.12 consensus, and revenue of $500 million, also ahead of expectations; the shares opened at $12.23 and were down 3.3% in the article’s report.

Private Management Group Inc. decreased its position in shares of Alight, Inc. (NYSE:ALIT - Free Report) by 94.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 941,117 shares of the company's stock after selling 16,918,116 shares during the quarter. Private Management Group Inc. owned approximately 3.49% of Alight worth $8,395,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Corient Private Wealth LP raised its stake in Alight by 984.0% during the second quarter. Corient Private Wealth LP now owns 334,980 shares of the company's stock worth $188,000 after purchasing an additional 304,079 shares during the period. Bank of New York Mellon Corp acquired a new position in Alight in the 2nd quarter valued at about $187,000. Squarepoint Ops LLC boosted its holdings in Alight by 508.7% in the 2nd quarter. Squarepoint Ops LLC now owns 1,823,646 shares of the company's stock valued at $1,021,000 after purchasing an additional 1,524,070 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in Alight in the 2nd quarter valued at about $35,000. Finally, Rangeley Capital LLC purchased a new stake in shares of Alight in the 1st quarter valued at approximately $29,000. Hedge funds and other institutional investors own 96.74% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on ALIT shares. Citigroup restated a "neutral" rating and set a $16.00 price target (down from $20.00) on shares of Alight in a report on Thursday, August 20th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Alight in a research report on Monday, November 2nd. DA Davidson decreased their price objective on Alight from $32.00 to $22.00 and set a "buy" rating on the stock in a report on Thursday, September 24th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Alight in a research report on Wednesday, November 4th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Reduce" and a consensus target price of $29.00.

Alight Stock Down 3.3%

Shares of NYSE:ALIT opened at $12.23 on Wednesday. The company has a market capitalization of $329.56 million, a price-to-earnings ratio of -0.32, a PEG ratio of 0.25 and a beta of 1.73. Alight, Inc. has a 12-month low of $7.93 and a 12-month high of $49.40. The business has a 50-day moving average price of $10.77 and a 200 day moving average price of $15.44. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 2.01.

Alight (NYSE:ALIT - Get Free Report) last posted its earnings results on Tuesday, November 3rd. The company reported $0.66 EPS for the quarter, beating analysts' consensus estimates of $0.12 by $0.54. The company had revenue of $500.00 million for the quarter, compared to analysts' expectations of $473.74 million. Alight had a negative net margin of 46.04% and a positive return on equity of 15.51%. Sell-side analysts expect that Alight, Inc. will post 4.41 EPS for the current year.

Insider Activity

In other news, Director Richard Massey sold 25,000 shares of the business's stock in a transaction that occurred on Thursday, November 5th. The shares were sold at an average price of $12.11, for a total value of $302,750.00. Following the sale, the director directly owned 71,016 shares of the company's stock, valued at approximately $860,003.76. The trade was a 26.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.10% of the company's stock.

About Alight

Alight, Inc. is a cloud-based provider of human capital and business solutions for employers and their employees. The company helps organizations manage employee benefits, payroll, human resources, financial administration and related workforce processes through technology-enabled services. Its offerings include benefits administration, healthcare and employee wellbeing programs, retirement and financial solutions, payroll services, human resources administration and workforce management tools. Alight also provides employee experience and engagement capabilities through platforms such as Alight Worklife, which is designed to give employees access to workplace, benefits and financial information through a unified digital experience.

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